Ameriprise Financial will exit its skyscraper headquarters in downtown Minneapolis and consolidate its corporate offices in another building that it also occupies a couple blocks away.

The Minneapolis-based financial services company said that its lease on Ameriprise Financial Center, a 29-story tower at 707 2nd Avenue South, will expire in 2025. It moved into the building in 2000.

It will relocate those offices to its client service center, a building it owns at 901 3rd Ave S. That building will be renamed Ameriprise Financial Center Headquarters.

The current headquarters is a bit larger than the new one with about 960,000 square feet of space compared to 870,000.

Employees will move in phases over the next three years.

"We are pleased to bring all of our Minneapolis employees into one contemporary building and energizing environment as we work together to deliver an excellent experience for our clients," the company said in a statement. "While still in the early stages, this begins an exciting new chapter in our longstanding presence in Minneapolis."

Ameriprise is one of downtown Minneapolis' largest employers with about 4,600 employees. Most of its workers come into the office at least three days a week.

It has been renovating its 20-year-old client service center since 2020, adding skyway access and amenities such as a renovated cafeteria, coffee shop, fitness center and health services clinic.

Ameriprise's consolidation of office space is latest big change to hit downtown as companies have been retooling to hybrid work during the pandemic. Minneapolis-based Target Corp. has also downsized its downtown office footprint by a third, exiting its offices in the City Center, as its employees are now able to work from home or in the office.

Jonathan Weinhagen, president of the Minneapolis Regional Chamber, said he expects to see more changes as leases come up in the next three to five years.

"We have to embrace the future," he said. "We have to embrace the flexibility. If you're company that's not looking at the future of the way people work, you're doing it wrong."

He added that he's glad that Ameriprise is "doubling down on downtown."

"I think it's a net positive anytime we have a longtime downtown tenant who says 'We want to stay here,'" he said.

Correction: Previous versions of this story contained a photo misidentifying the Ameriprise client service center.